Investor · Monrovia, CA · Member since 2015 · 48 posts · 33 votes
Hi BP,
I'm planning on buying a mutliunit out of state. I want to put in the offer and lock in a bid then fly out and check out the property. What contingencies should I have in the offer. This property is in Pennsylvannia.
This would be my first property outside of California. What else should I be weary of?
Monterey, CA · Member since 2016 · 3 posts · 0 votes
9y
That's a good question, Jackson. I'm wondering the same... I just made an offer on a four plex in another state, sight unseen. The only contingencies I made were inspection and pest.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
9y
It may be different in other states, but in Florida the only thing you really need is an inspection contingency. As long as you're within that time frame, you should be able to cancel the contract and get your EMD back.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
I would ask for a 10 day inspection period due to the fact you need to fly out and look it over. If it fails inspection, you MUST notify them immediately and cancel before you have your EMD at risk.